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CALL OPTION ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

CALL OPTION ASSETS

Schedule of key assumptions used in the valuation of call option assets

​

​	​	​	​	​	​	​	​	​	​
​	​	Kuaijin			​	Beijing Naonao
​	​	Initial	​	As of December 31,	​	Initial	​	As of December 31,	​
Assumptions	​ ​ ​	Valuation	​ ​ ​	2024	​ ​ ​	Valuation	​ ​ ​	2024
Expected volatility		69.56	%	69.22	%	118.18	%	96.74	%
Risk-free rate		1.83	%	1.10	%	2.11	%	1.15	%
Contractual term (years)		2		1.33		3.17		2.34	​
Dividend yield		0	%	0	%	0	%	0	%

​

​	​	​	​	​	​
​	​ ​ ​	Beijing Naonao
​	​	As of December 31,	​	As of June 30,
Assumptions	​ ​ ​	2024	​ ​ ​	2025
Expected volatility		96.74	%	81.73	%
Risk-free rate		1.15	%	1.37	%
Contractual term (years)		2.34		1.5	​
Dividend yield		0	%	0	%

Schedule of call option assets

​

​	​	​	​	​	​	​	​	​
​	​	Kuaijin	​	Beijing Naonao	​	Total	​	Total
​	​ ​ ​	US$	​ ​ ​	US$	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)
Transaction Date	​	May 20, 2024	​	March 26, 2024	​	—	​	—
Expiration date	​	April 30, 2026	​	May 2, 2027	​	—	​	—
Exercise Price valuation	​	60,000	​	—	​	—	​	—
Option equity interest	​	36.00	%	21.70	%	—	​	—
The initial valuation of call option assets	​	222	​	509	​	5,207	​	731
The call option assets at December 31, 2024	​	72	​	2,116	​	15,843	​	2,188
Gain (loss) on change in fair value of call option assets in 2024	​	(150)	​	1,607	​	10,636	​	1,457
Balance at December 31, 2025	​	—	​	—	​	—	​	—*
Loss on change in fair value of call option assets in 2025	​	(72)	​	(1,076)	​	(8,196)	​	(1,148)
Loss on derecognition in 2025**		—	*	(1,040)		(7,647)		(1,040)

* As December 31, 2025, the Group determined not to exercise the right to acquire additional equity interests in Kuaijin. Accordingly, the fair value of Kuaijin call option asset was determined to be zero as of December 31, 2025, and the Group recorded a loss on change in fair value of call option asset of approximately US$0.1 million for the year ended December 31, 2025.

​

** On June 30, 2025, the Group and Beijing Naonao entered an amendment to the Share Purchase Agreement originally executed on March 26, 2024, pursuant to which the share repurchase terms were removed. As a result, the call option asset and the put option liability of Beijing Naonao were both derecognized as of June 20, 2025. Immediately prior to derecognition, the fair value of the call option asset was approximately US$ 1.0 million and the fair value of the put liability was approximately US$0.2 million (see Note 17. Put Option Liabilities). The net loss on derecognition of US$0.8 million (US$1.0 million call option asset less US$0.2 million put option liability), representing the excess of the call option asset derecognized over the put option liability simultaneously derecognized, is included in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of derivative assets at fair value.

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